October gold posted an inside day with a slightly lower close on Wednesday as it consolidates some of the rally off last week’s low. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If October extends this week’s rally, June’s high crossing at 991.80 is the next upside target. Closes below last Wednesday’s low crossing at 926.50 would confirm that a short-term top has been posted while opening the door for additional weakness. First resistance is Tuesday’s high crossing at 971.20. Second resistance is June’s high crossing at 991.80. First support is the 10-day moving average crossing at 951.80.
Second support is the 20-day moving average crossing at 943.30.
Source: VantagePoint Intermarket Analysis Software
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September silver closed higher on Wednesday and tested the 62% retracement level of the June-July decline crossing at 14.800. The high-range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI are bullish signaling that sideways to higher prices are possible near-term. If September extends the rally off July’s low, the reaction high crossing at 15.575 is the next upside target. Closes below last Wednesday’s low crossing at 13.165 would confirm that a short-term top has been posted. First resistance is today’s high crossing at 14.850. Second resistance is the reaction high crossing at 15.575. First support is the 10-day moving average crossing at 13.980. Second support is the 20-day moving average crossing at 13.583.
September copper closed higher on Wednesday as it extends this summer’s rally. The high-range close sets the stage for a steady to higher opening on Thursday. Stochastics and the RSI are overbought but are neutral to bullish signaling that sideways to higher prices are possible near-term. If September extends this summer’s rally, the 62% retracement level of last summer’s decline crossing at 289.71 is the next upside target. Closes below the 20-day moving average crossing at 248.79 are needed to confirm that a short-term top has been posted. First resistance is today’s high crossing at 283.85. Second resistance is the 62% retracement level of the aforementioned decline crossing at 289.71. First support is the 10-day moving average crossing at 261.37. Second support is the 20-day moving average crossing at 248.79.
